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15.07.2014 12:32 PM
Elliott wave analysis of EUR/JPY for July 15, 2014

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Today's support and resistance levels:

R3: 138.73

R2: 138.51

R1: 138.34

Current spot: 138.31

S1: 138.17

S2: 137.82

S3: 137.65

Technical summary:

As expected, we saw the ongoing correction move a little higher. We were looking for a correction to 138.32 as the ideal target, but it moves slightly higher to 138.42. However, it has changed nothing in the larger picture. Now, we are looking for a break below support at 138.17 to indicate that the uderlying downtrend has resumed for a decline to 137.50 on the way lower to 136.22 and the equality target at 134.34.

Trading recommendations:

We are short in EUR at 138.95 with stop placed at 138.76. If you are not short in EUR yet, then sell upon a break below 138.17 with the same stop at 138.76.

Summary
Urgency
Analytic
Torben Melsted
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